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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
Musical Chairs at Morgan Stanley Private Wealth Management
[Photo: MS Sydney, Australia, HQ's, by Alex Proimos / Wikimedia Commons]
by Howard Haykin
The private wealth management sand dunes continue to shift at Morgan Stanley, which employs more than 15,000 advisers. In 2016, the firm reshuffled its top executive ranks in wealth management following the departure of President Greg Fleming. Earlier this year, the firm reduced the number of regional executives from 8 to 6. Yesterday, Morgan Stanley announced plans to put 90 financial advisers alongside investment bankers at its Times Square headquarters - in hope the interaction will generate more business. [See Financialish.com]
Finally, Morgan Stanley issued a memo with further changes at the top of its private wealth management unit. The changes include 2 promotions and a flattening of the management structure. According to Reuters:
- Vince Lumia, head of wealth management, will now be 'head of the field'.
- Mandell Crawley, chief marketing officer, will now be head of wealth management.
- Former divisional head Bill McMahon and Rick Skae will now be vice chairs of wealth management.
It remains to be seen if the 'game of musical chairs' has come to an end.